Getting a mortgage
Getting a mortgage has always felt stressful to me. No matter if I go through a bank directly, or I choose to go through a mortgage broker, I am always left feeling a little in limbo.
Banks tend to take their time when assessing an application, and I think I can honestly say that every time I have applied for a mortgage or remortgage it has never gone smoothly.
Given the way that this entry has started, you may well be thinking that I’m going on a rant about getting a mortgage. You may well be right.
After 6 weeks of fussing about, which have included two Agreements in Principle with different lenders, I am officially throwing in the towel and admitting defeat this time around.
The reasons listed for not being able to give me a mortgage have been numerous. They include:
- Not enough deposit (even when I managed to up my deposit from 5% to 10%
- Unhappy that I have a mortgage elsewhere
- Concern about my credit commitment
- The fact that I get commission in my job
- The length of time I have worked for my current company.
All of these, in various formats, have led to me being stuck in terms of getting a mortgage.
The annoying things are that I have been renting a property for years and that costs more than a repayment mortgage for the place I wanted to buy. Unfortunately, this doesn’t get taken into account. Even though it shows consistently that despite everything else, I have always managed to pay my rent on time and, therefore, should be fine paying a mortgage.
This isn’t the first time that this has happened to me. I’ve been denied mortgages before due to work issues (normally that I work in sales and get a commission), and also because I own a property already. Unfortunately, no lender seems to care that my kids live there and that it isn’t something I can just sell.
Things could be worse, though.
At least I have somewhere to live, even if I am renting. After splitting from my ex-wife it took me the best part of four years to get to a stage where I could rent my own place, so I’m grateful that I am moving forwards, even if it does feel like it is incredibly slowly.
Rather than planning on moving into and decorating a new place, I now have to focus on saving a bigger deposit and clearing some debt.
No doubt when I have done that and am better suited to take a mortgage, I will find that property prices have shot up again.
Frustrating doesn’t begin to cover it!